Zanganeh described as “historic” the cooperation between producers over their output cut agreement.

He told reporters that the compliance by producers with the agreement had grown stronger “month by month”.

“The market has already taken the output cut plan seriously. This shows that the agreement between OPEC and non-OPEC producers has been successful,” the Iranian minister was quoted as saying by ISNA news agency.

Oil prices currently hover just over $50 per barrel after shedding around half of their value since mid-2014, AFP added.